The IV hydration therapy industry has seen exponential growth and popularity over recent years. This is mainly due to the increasing influence of the consumer health industry and wellness-conscious consumers seeking IV therapy without visiting a hospital.
This presents a lucrative opportunity to start a mobile therapy business if you’re a medical professional or have the means to hire medical staff. That said, just like starting any other type of business, setting up a mobile IV therapy clinic requires careful financial planning to guide the startup process. Thus, you should be aware of the steps you need to take to begin your business and the common industry capital estimates to help you launch it successfully.
Here’s how you can start a mobile IV therapy business and what it will cost you at each stage.
Set Up Costs
The costs to begin your mobile IV therapy business can greatly depend on whether you choose to open it independently or as part of a franchise. Starting your business can help you save costs by using your home as your facility or getting a mobile vehicle to travel to your clients and administer IV therapy in their town’s authorized parking area.
The franchise option can help you set up your business much quicker and allows for easier customer acquisition since it’s a part of an established brand. However, there’s usually an investment and franchise fee attached to it, which could range between USD$80,000 to over USD$100,000.
On the other hand, the initial startup cost for a mobile IV therapy business ranges from USD$6,000 to USD$10,000. This average would cover the basics, such as obtaining licenses, getting all the necessary supplies, and paying insurance without incurring the cost of the mobile vehicle.
Get Your Mobile IV Business Legalized
Once you’ve determined the startup costs, you’ll need to register your mobile IV therapy business to ensure you’re legally permitted to operate it. Doing so also allows you to open a bank account and pay taxes by acquiring an employer identification number or EIN from the IRS website. Since you’re a mobile business, you can choose the location and state of where to register your business.
Furthermore, depending on your state, you may also need to apply for permits that are necessary for health-based businesses, such as parking, seller and zoning permits for your mobile unit as well as clearance for the non-physician providers who administer the IV. You can expect the licenses and permits to cost between USD$100 to USD$450, depending on how many you need to operate. Insurance costs that are tied to your licenses can be about USD$300 to USD$650.
Buy Your Equipment And Supplies
After your business has been registered and insured, you can purchase your vehicle, equipment, and supplies. This part of the process will most likely be the most expensive because you’ll need to acquire medical equipment and assets that are used to run a medical unit. These include your truck, medical furniture, and management tools for administration.
A used mobile truck could cost you USD$10,000 to USD$50,000 depending on its size and condition. Getting a new truck will be the more expensive option. It would cost around USD$100,000 but may be a better investment since it’s more likely to last longer.
In addition, the other medical supplies needed to run your mobile IV business include gloves, syringes, antiseptic and saline solution, tourniquet, dressing, tape, and venous access devices. These supplies could cost USD$3,000 for the essentials and USD$20,000 for the complete set. These can be purchased through a partnership with a credible pharmacy or pharmaceutical companies.
Market Your Business
Marketing is one of the most crucial steps in starting a successful mobile IV therapy business. This can be achieved by using marketing strategies and tools that are tailored to clients who are interested in health and wellness. Thus, you can use social media to target these customers online and gain more exposure. You can also utilize printed flyers since your business is mobile.
Your business should also have a website to make it easier for customers to find out more about IV therapy and the services you provide. It also allows them to make safe online bookings and payments. As a start, it’s recommended to set aside USD$1,000 to USD$2,000 for marketing. The amount would cover paid marketing costs and branding materials such as signs and logos. You can expect to pay USD$200 for your website domain and general IT maintenance to keep it running.
Starting a mobile IV therapy business requires good financial planning and budgeting that can be divided into different operating areas. Firstly, you’ll need to choose a business model, with the franchise being the costlier yet most convenient option. Then you can register your business and apply for licenses and permits, which could be the least of your budget.
Furthermore, the largest expenses could go towards buying your mobile vehicle and medical supplies during your equipment buying stage. From here, you can focus on marketing with a reasonable budget to ensure you get customers and earn back your investment to break even. Doing this can set your business up for a promising operation.